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EUとASEANにおけるサステナブルファイナンス・タクソノミーの発展：収斂か対立か？

Developing sustainable finance taxonomies in the European Union and ASEAN : convergence or contestation? (原題)

Apolline Simons, Lena Rethel

プレプリント2026-08-06#気候金融経営インパクト: 資金調達対象セクター: finance
DOI: 10.82444/warw.33914983
原典: https://doi.org/10.82444/warw.33914983

🤖 gxceed AI 要約

日本語

本論文はEUとASEANのサステナブルファイナンス・タクソノミーを比較し、設計・測定手法・全体像の3点で差異を特定する。ASEANは加盟国の多様性と社会経済開発を重視し、適応や地域環境問題を含む広義のグリーン金融を採る一方、EUは規制の一貫性と市場適合性、排出中心の狭義定義を特徴とする。時間とともに相互運用性への言及は増えたが、根本的差異は残ると論じ、東南アジアのタクソノミー形成を規範のローカライゼーションと補完性の事例と位置づける。

English

This chapter compares sustainable finance taxonomies in the EU and ASEAN, identifying differences in design, measurement approach, and overall outlook. ASEAN emphasizes member-state diversity, socio-economic development, and a broader green finance scope including adaptation, while the EU prioritizes regulatory consistency, market conformism, and emissions-centrism. Despite growing attention to interoperability, fundamental differences persist, positioning Southeast Asian taxonomy development as a case of norm localization and subsidiarity.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

日本ではSSBJ基準の策定や有報でのサステナビリティ開示が進む中、タクソノミーの相互運用性はアジア企業の資金調達コストに直結する。ASEANの多様性重視アプローチは、日本がアジア共通の移行ファイナンス枠組みを設計する際の参照点となる。

In the global GX context

As global disclosure frameworks (ISSB, CSRD) expand, this paper highlights the tension between regulatory harmonization and local adaptation in sustainable finance taxonomies. It offers valuable insights for international standard-setters and investors navigating cross-border green finance, particularly regarding interoperability and transition finance in emerging markets.

👥 読者別の含意

🔬研究者:Provides a comparative framework for analyzing taxonomy design and norm localization in green finance governance.

🏢実務担当者:Helps multinationals and financial institutions understand diverging taxonomy requirements in EU and ASEAN markets for compliance and investment decisions.

🏛政策担当者:Informs the design of interoperable taxonomies that balance regulatory consistency with local socio-economic contexts.

📄 Abstract（原文）

One of the key challenges for both ASEAN and the EU is the financing of the green transition, with recent estimates putting the global funding required as high as US$9 trillion annually, which has spurred increasing interest in green finance among academics and policymakers. This chapter examines commonalities and differences between regulatory frameworks for green finance, in particular sustainable finance taxonomies, in ASEAN and the EU. Using computer-assisted qualitative data analysis, we identify differences between the taxonomies in three areas: their design, measurement approach and general outlook. Although some convergence happened over time, with later versions of the ASEAN taxonomy emphasizing the importance of interoperability of taxonomies, specifically the EU taxonomy, our findings suggest that fundamental differences persist. These include: i) an emphasis on the importance of recognizing the diversity of member states in the ASEAN taxonomies versus regulatory consistency in the EU; ii) a focus on socio-economic development in ASEAN versus market-conformism in the EU; and iii) a broader understanding of what constitutes green finance including adaptation and local environmental issues in ASEAN versus a narrower emissions-centrism in the EU. As such, we suggest that the development of sustainable finance taxonomies in Southeast Asia presents an important case of norm localization and subsidiarity in the area of green financial policymaking.

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